@Morpho Labs 🦋 $MORPHO #Morpho There are protocols that are born as tools and there are protocols that are born as responses to a collective fear. Morpho belongs to the second group. It does not arise merely to lend, borrow, or optimize rates. It arises as a silent reaction to a question that has haunted DeFi since its early days: what happens when everyone decides to exit at the same time? Morpho is a system built around this structural anxiety, like a house designed to withstand an earthquake that has not yet happened, but that everyone knows will come one day.
The Streaming bill wants to charge up to 4% on gross revenue from audiovisual streaming services (like Netflix, Amazon Prime, and HBO), and up to 2% for video sharing platforms like YouTube, Facebook, and Instagram. The promise is beautiful: “fund national productions,” with the money flowing through Ancine. In practice? Just another cost that doesn’t stay with the companies — it goes straight to the consumer.
💡 And this is where crypto comes in. While governments discuss how to tax digital more, the crypto market was born precisely to:
The Collapse of the Old Structure and the Birth of the 5th Generation
"old structures" need to crumble for a new generation, guided by technology and a new mindset (the "4th or 5th generation"), to flourish. I am the creator and influencer of the concept of the 4th and 5th generation in Brazil. We are in 2025, but if we look at the corridors of power and the average mentality of Brazilians, it seems that the clock has stopped in the last century. We are experiencing a moment of silent rupture, where the scenario represented by the symbolic ruins of the old power is the necessary stage for what is to come.
The Brazilian government has finally begun to advance the idea of charging #IOF on operations with crypto, especially #Stablecoins , after the Central Bank started classifying them as currency exchange operations.
In practice, this completely changes the game. Until now, those who used stablecoins for currency protection, cheap international remittances, or quick capital movement benefited from the total absence of IOF, something that made this market much more efficient and competitive than the traditional banking system.
Now, with the real possibility of charging #IOF , the government makes it clear that it sees stablecoins less as financial innovation and more as a “shortcut” to escape traditional currency exchange fees.
Thus, any operation of buying, selling, or international transfer using USDT, USDC, or other stablecoins may become more expensive, reducing the attractiveness of this type of asset for:
• Protection against depreciation of the real • Currency hedge • International remittances • Quick movements between exchanges
This change has a direct impact on the Brazilian investor, especially on the profile that uses stablecoins as a strategic entry (or exit) point within the crypto market.
The government’s message is clear:
“If it works like a dollar, it will be taxed like a dollar.”
And this is exactly the regulatory trend that I had already anticipated.
Stablecoins becoming the central target of fiscal policies, as they are the point where the traditional system loses the most ground to crypto.
Investors now need to prepare for a scenario in which the financial efficiency of stablecoins may decrease and allocation strategies, risk management, and international movement will need to be revisited.
Trump must announce the new president of #Fed before the #Natal , and this could be a turning point for the crypto market that is already feeling the weight of November.
The choice sets the tone for interest rates in the coming years. If someone with a stricter stance comes in, the market may become even more locked up, with less liquidity and more risk aversion. But if the name is more flexible and pro-stimulus, this could unlock institutional capital and reignite the appetite for Bitcoin and other assets.
In other words:
This announcement could be the push that is needed for the market to react or the weight that keeps November in the red.